Major capital market development in 2009

February
*Reduction of 25 per cent fee on all capital market transactions
March
*Stock market down by N50b as government rules out bailout.
*NSE suspends Nova Securities, slams N0.3m fine on AP.April
*Bloomberg News declared Nigeria’s stock market, as the worst performing exchangeÂ worldwide in the first quarter.
*The report of the SEC Committee on the Nigerian Capital Market was published
*SEC slams five year ban on Anenih, Nova CEO over AP shares saga
*SEC confirms Al_Faki’s exit
May
*NSE meets SEC, suspends demutualisation
*Transcorp’s Iseghohi, others face 32_ count charge of corruption
*SEC makes mandatory underwriting of primary offers optional
*EFCC quizzes Okereke_ Onyiuke over N15bn Fraud at Transcorp
June
*Transcorp Chair: Pressure on Okereke _Onyiuke to resign.
*SEC orders brokers to submit audit report.
*The NSE issued a new trading rule to the stockbrokers insisting that any sell order above one million units must be accompanied by a ‘contract mandate’ from the owner of the shares.
*SEC to abolish fee on collective investment scheme.
August

*The CBN removes the Chief Executuves and Executive directors of Intercontinental Bank, Oceanic Bank, Afribank, Union Bank and Finbank and appoints new chief executives for the banks.
*Nigerian Stock Exchange (NSE) in collaboration with Central Bank of Nigeria and Securities and Exchange Commission placed full suspension on the five troubled banks shares for two weeks.

*The Board of the Securities and Exchange Commission (SEC) gave a seven_day ultimatum to the Director_General of the Nigerian Stock Exchange (NSE), Prof. Ndi Okereke_Onyiuke, to explain the circumstances under which Transcorp Plc, which she chairs, appeared on the list of “non_performing” debtors of the five banks whose executive managements were removed by the CBN.

*SEC directed the immediate suspension of any of the
affected executives of the five banks who are members of the council of the NSE pending the conclusion of
investigation of allegations against them by the CBN.

*SEC directed that henceforth no securities of a public quoted company should be placed on technical or any other form of suspension without the prior approval of the commission.
*SEC through its acting Director General directed NSE to immediately effect the suspension of Erastus Akingbola as the second Vice_President of the Exchange from the council, following his removal as Group Chief Executive of Intercontinental Bank Plc by the Central Bank of Nigeria.

September
*CBN announced the commencement of x_ray of the capital market activities in conjunction with the Securities and Exchange Commission (SEC) to identify abuses by operators and bring culprits to book.
*NSE lifts l suspension on the shares of the five troubled banks
*NSE boss allays stockbrokers’ fears over margin loan saga
*CBN Governor allays fears over plans to arrest stockbrokers involved in margin trading.
*The Central Bank of Nigeria scheduled meeting with
stakeholders of the Nigerian Stock Exchange to address the confidence crisis currently rocking equity trading activities in the capital market.

*Director_General of the Nigerian Stock Exchange (NSE) and Chairman, Transnational Corporation Plc (Transcorp), Dr.(Mrs) Ndi Okereke_Onyiuke, along with five directors of the company were quizzed by the Economic and Financial Crimes Commission (EFCC).

*Central Bank of Nigeria (CBN) agreed in principle to remove the 10 percent cap earlier placed on banks’ participation in sub_national and corporate bond offers.
*Economic and Financial Crimes Commission (EFCC) attributed the crash in the prices of shares quoted on the floor of the Nigerian Stock Exchange (NSE) to high level of insider trading and other malpractices.
*SEC approved the discontinuation of the periodic renewal of registration by capital market operators and investment exchanges.
*CBN Governor visited the NSE, accused stockbrokers of irresponsible behaviour in terms of margin lending.
*Securities and Exchange Commission (SEC) said that the shares of the five banks recently taken over by the Central Bank of Nigeria (CBN) will not be placed on technical suspension.
*The special audit of 21 of the country’s 25 banks completed.
*CBN Governor pledged to collaborate with the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) to reduce the cost of transactions in bond issuance as companies are focusing on the bond segment of the capital market.

October

*CBN forwarded the advance copy of its audit report on the remaining 14 banks to the presidency. Announced the removal ofÂ the chief executives and executive directors of Bank PHB, Spring Bank and Equitorial Trust Bank (ETB) as well as appointment of new chief executives for them. It also removed Chief Mike Adenuga from the board of ETB
* NSE places shares of Bank PHB and Spring Bank on full suspension
Shareholders of banks quoted on the Nigerian Stock Exchange urged the Central Bank of Nigeria to publish the names of non_performing debtors of all the banks in the country in the spirit of transparency.
*Wema, Finbank loses spots in theÂ NSE 30 Index
*NSE liftsÂ technical suspensionon the shares of Bank PHBPlc and Spring Bank Plc.